OneConnect Financial Technology (HKG:6638) said the Grand Court of the Cayman Islands has sanctioned its proposed privatization by Bo Yu Limited, according to a Monday Hong Kong bourse filing.

The scheme is expected to become effective on Nov. 19, subject to the remaining conditions being fulfilled or waived.

The Hong Kong Stock Exchange has approved the withdrawal of OneConnect's listing, which will take effect on Nov. 21, contingent on the scheme becoming effective.

Trading in the company's ADSs on the New York Stock Exchange will be permanently suspended on Nov. 21, with delisting scheduled for Dec. 1.

Bo Yu first proposed the transaction on May 15, offering HK$2.068 per share to cancel all scheme shares under a scheme of arrangement.

It intends to fund the offer through internal resources and/or financing. Morgan Stanley, its financial adviser, said sufficient financial resources are available to meet the cash consideration.